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October 22, 2019
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Excelsior Partners Acquires 50k sf OC Creative Office Asset

10/04/19

In a recent OC office buy, Excelsior Partners paid $16.8 mil for Create Tustin, a 50.8k sf ($331/sf), creative office building in Tustin. The building, located at 2642 Michelle Dr, is fully leased to three tenants Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing, and GPA Consultants.

Built in 1980 and renovated in 2017, the two-story building is situated on 2.81 acres and includes approximately 200 parking spaces. The institutional-quality asset features efficient rectangular floor plates, contemporary interior finishes and modern creative office build-outs throughout the tenant spaces.

2642 Michelle Drive is located in the Irvine Business Complex and is proximate to many amenities including The Tustin/Irvine Marketplace and The District at Tustin Legacy with more than 225 stores, shops and restaurants.

Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White with Newmark Knight Frank represented the seller, a joint venture between Harbor Associates and Stockbridge. The buyer, Excelsior Partners, represented itself.




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